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Shark Tank investor and entrepreneur, Kevin O’Leary, once spoke about taking on competitive industries with confidence. He highlighted the importance of competition and risk-taking in business. In an interview on Behind the Brand with Brian Elliot on November 18, 2016, he explained:
"I like to compete. I'm competing in the most competitive industry in the world ETFs (Exchange-Traded funds). I'm competing with huge behemoths with billions of dollars."
This statement underscored his willingness to take on major players in the financial sector, positioning himself and his company, O’Shares, against well-established firms in the ETF market. His experience reinforced the idea that resilience, strategic thinking, and the ability to learn from failure are essential traits for success in any industry.
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Shark Tank Kevin O’Leary’s approach to competition, risk, and resilience in business
Entering the ETF market despite strong competition
Kevin O'Leary admitted that it took a lot of money and determination to compete in the ETF sector. He justified that building a company in this sector needed a lot of funding since he had to invest millions of dollars to help it grow.
Despite the challenge, he was still determined to make O'Shares a competitive player in the sector. He underscored that his strategy entailed creating a strong team that could navigate through the intricacies of the financial market.
"I love a team. I put it together, I say, guys, we're going to fight Goliath here, we're going to carve out share, and now we're the fastest-growing ETF company in the world." he noted.
The role of failure in business success
The Shark Tank investor also discussed the role of failure in business and how setbacks shape successful entrepreneurs. He pointed out that failure is often a necessary step in achieving long-term success.
"You fail within the deal you're in...failure is built into the DNA of a great entrepreneur because they understand they are able to manage through it." he explained.
O'Leary emphasized that entrepreneurs must be adaptable when facing obstacles. He further explained that experienced entrepreneurs develop a stronger mindset after enduring challenges in their early years. He shared:
"You talk to entrepreneurs that have been in their first five years of running a business, they're a whole new person. They have been to hell and back five times."
Investing in entrepreneurs who have experienced failure
Beyond his business ventures, O’Leary applied this mindset when selecting companies to invest in. He stated that he preferred working with entrepreneurs who had already faced challenges and learned from previous failures.
"I love to invest in entrepreneurs that felt the sting of failure. That motivates them even more for the next success." he said.
This approach aligned with his investment philosophy on Shark Tank, where he sought out individuals with experience navigating difficult situations. He also expressed confidence in entrepreneurs who had encountered multiple setbacks but remained committed to their goals, saying:
"I love guys that have lost twice, and now I'm their third financier. Those people are motivated cowboys."
Watch Shark Tank episodes every Friday at 8 PM ET on ABC, or catch up on episodes anytime on Hulu.
